still with us, jim o'neill, from chatham house. we have been hearing about the shutdown. it feels different. how long can it last? jim: i don't quite understand the constitutional issues in parliament, so i am clueless. the stock markets or the major markets are kind of down, despite a very dovish fed, which is not a great sign. francine: you think there are starting to worry about politics? jim: it might be that they are worrying about the political situation. it is interesting that the dollar, so far it has weakened further, which it should have done on the back of the fed's statement. markets may be beginning to be beginning might to smell the sign of a genuine political disruption in the u.s. for trump, this is a huge thing. being, weird the guy is it is a big thing. i don't know whether he will be much ado it. francine: does this make it likely that he wants to do the trade deal with china? jim: he looks likely to lash out generally, and that raises the risk. to my mind, it increases the china, itwhen increases the likelihood of a deal, but also increases the likelih

tom: jim o'neill on something has got to give.or with us, raising the cold to be with us. we will get to a conversation on amazon and technology. simple there will be a change and there is a fear of what will the fed do? your investment world goes on irrespective of fed action. charles: the powell put is in full force and the longest duration assets are equities. lower yields on a 10 year basis is good for equities over time. let's not forget the dramatic turnaround in his stance versus just six weeks ago. the has candidly matched equity market over some of the time, off of the lows. tom: the great missed call that you have taken advantage of over the last 10 years is the gloom of the single-digit world, and it has been a double-digit world with double-digit returns for those brave enough to stay in the market. to we finally need to get used to the single-digit gloom? charles: i think we need to be careful around dingle -- single digit versus double-digit. will beg in capitalism critical. starting points matter a great deal when y

jim o'neill is up next.g. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. ♪ >> waste of time. the president storms out of the white house meeting as talks with the democrats collapse. the latest fed roommates indicate the best the latest fed minutes for just patients on fad minutese latest suggests patients on policy. minority lea

had a very global outlook on the fiscal stimulus has been as a also very smart but also as you jim o'neill the former chairman of morgan stanley in two thousand and one he used to call them the bric nations and that was brazil russia india china and sub-saharan africa i think over the emerging nations in sub-saharan africa is somewhat to look because of course there's a great percentage opportunity for growth and a lot of the the real commodities which are more in demand now it's very interesting we did some the other day on australia which hasn't been in recession you know twenty five years or so but beyond that any developed nation so our history really went out and even the netherlands crazy crazy us i guess is pretty difficult to predict what's going on given the current circumstance. but you know what sort of trends do you see there in or does it leave it were you know i think of trade was on healthy but i think there's going to be an even ing out i think the one thing that's concerning globally in terms of inequality is the tremendous gap actually in skills skilled labor the good new

even by two, but guys, by three different analysts >>> plus, former chairman of goldman sachs, jim o'neil here on how to play the mess known as brexit. all of that coming up in the "halftime report" at the top of noon eastern time. morgan brennan, now to you >> brian sullivan, we are looking forward to it. thank you. >> thank you >> the dow is back near session highs right now. 24,233, moving closer to escaping correction territory. the level there would be 24,265. let's get over to the cme now and rick santelli for the santelli exchange. rick >> thank you, morgan i would like to welcome my guest, dr. joseph gagione. joseph, thank you for joining me >> it's a pleasure to be here. >> all right you wrote something that i really agree, but i want to put some context in the jobs report we had earlier this month, we had strong wages, really strong over 300,000 non-foreign payroll increases, and we saw the participation rate move up where we're drawing more people into the labor force having said that, you wrote something that said the market's blind to the possibility of rising inflation can y

o'neill,ry here of jim bill dudley of the new york fed, now retired, and you move to the wonderful economist at goldman sachs, and i will say they have a history of a more measured approach to the measurement of economic growth. jonathan: for the market for to cement at the moment listening to a lot of this, thinking tell me something -- for the market participant at the moment listening to a lot of this, thinking tell me something i don't know, i got a sense from ecb president mario draghi little earlier on that they don't really have a policy response to this. they can talk about the potential for reintroducing long-term refinance operations for euros on banks, but is that enough? tom: it is not enough, and income a nation with the weaker , you and i noticed the german ten-year positive yield coming down really on a percentage basis substantially. we are seeing the market reaction to the challenges that mario draghi has. jonathan: and the market is in many ways supporting the economy still. you have really low yields in germany. it helps the germans. what do they do with it? tom: has it he

neil: i can vividly recall when tip o'neill and late jim wright, president would meet and personal visitthe white house, each side was cognizant i don't want to rub the other guy's nose in the dirt. they were cognizant to avoid that spectacle. >> that is what has gone here. it has gotten personal. there was a certain drama to government always. let's total, 24 hour coverage but the drama tended not to get into personal hatred and today i'm frayed it is heading in the other direction. save us. neil: i think what ruined us, graphics, packages, loud and serious music. we have a doozy on the government shut down. >> all right. i never thought of the graphics factor. neil: i think that is it. graphics and just the drama. we build the drama. >> okay. neil: i'm trying to extend it to quoting money supply figures, bond market updates. things with a little music and some drums -- >> don't forget the music. music is very soothing. neil: exactly. >> we need soothing music. neil: tie -- remember when we could talk to one another? jerome powell, will be talking to all of us, taking questions on the e